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South Bend Redevelopment Commission <br /> Regular Meeting—December 13, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> B. South Bend Central Development Area <br /> (2) continued... <br /> three appointed by the Mayor, two appointed <br /> by the Council. We serve at the will of these <br /> entities and are reappointed or replaced on an <br /> annual basis. In a few short weeks the city <br /> will have a new Mayor and four new Council <br /> members. With them comes the prerogative <br /> to appoint new Commissioners. To proceed <br /> with today's proposal would be a burden to <br /> all of these new public servants with the <br /> consequences of our action. To do so greatly <br /> offends her sense of fair play. With that <br /> being, said she invited other Commissioners <br /> to comment. <br /> Mr. Varner asked if staff has done a pro <br /> forma. Mr. Inks responded that staff has <br /> done a rough calculation on a renovation <br /> project. It's difficult to determine how much <br /> of that will actually get into the assessed <br /> value. <br /> Mr. Varner asked what the base increment <br /> was. Mr. Inks replied that the current <br /> assessed value is $5.4 million dollars. About <br /> half of that, $2.5 million, is actual increment <br /> to the downtown TIF. <br /> Mr. Varner noted that as a member of the <br /> Council, he knows there are concerns among <br /> other Council members, similar to what Ms. <br /> Jones just described. If the city could take <br /> out a bond to make the improvements, to be <br /> repaid by TIF, that would reduce the risk to <br /> tax payers. That might make financial <br /> support for the project more palatable. Mr. <br /> Varner also said he shares the concern about <br /> 12 <br />